Ocwen acquires all assets of ClearPoint
Gleacher & Company entered into agreement with Homeward Residential, a subsidiary of Ocwen Financial Corporation, to purchase all assets of ClearPoint, the company announced in its earnings report.
The sale price was not disclosed, but the deal is expected to close in the first quarter of 2013.
"Although we did not believe any proposal we received during the process adequately reflected Gleacher’s (OCN) value, we will, as before, be opportunistic in considering value-building strategic initiatives that may accelerate our growth and improve stockholder returns," said Chief Executive Officer Thomas Hughes at Gleacher.
He added, "That said, we made significant strategic progress during the course of the year, we believe in our business strategy and in the capabilities of our team, and we intend to continue our business expansion and fortify our brand."
Recently, Altisource Portfolio Solutions announced that it is buying sections of Ocwen’s non-core assets.
Currently, there is only a non-binding letter of intent between the parties for a combined purchase price of $218.6 million.
"By selling these non-core assets, Ocwen is able to achieve a greater projected return on the Homeward and ResCap servicing acquisitions and to continue to focus primarily on growing our core residential and commercial servicing businesses," said Ronald Faris, CEO of Ocwen.